1,057,404
And if you're buying REOs, you're going to see special warranty deed.
Title is warranted only from current sellers acquisition to present.
You are going to want to read that preliminary title report very carefully. And make special note of exceptions.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Kasey & John Boles
Boise, ID
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Fred Griffin Florida R...
Tallahassee, FL
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Ron and Alexandra Seigel
Carpinteria, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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John Juarez
Fremont, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Mayra Espinosa Realtor...
Pacifica, CA
-
Candice A. Donofrio
Fort Mohave, AZ
613,494
The title insurance protection is diluted to the buyer. It warrents only since the current owner had the property.
On most regular transactions, buyer will get a "general warranty deed"...a title guarantee from way back when prior to current ownership.
All REO's only give a special warranty deed.
Eve
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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Inna Ivchenko
Encino, CA
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Kasey & John Boles
Boise, ID
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Fred Griffin Florida R...
Tallahassee, FL
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John Juarez
Fremont, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Mayra Espinosa Realtor...
Pacifica, CA
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Jerry Newman
San Antonio, TX
6,423,260
We generally see these with detached sellers like banks, attnys, and estates.
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Kathleen Daniels, Prob...
San Jose, CA
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Mayra Espinosa Realtor...
Pacifica, CA
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Jerry Newman
San Antonio, TX
4,905,762
Seller will warrant deed only for the period of time they owned it. If you have title insurance so what.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Mayra Espinosa Realtor...
Pacifica, CA
5,244,229
Is it limited as to the warranties, but OK if you have title insurance!
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Kathleen Daniels, Prob...
San Jose, CA
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Abby Stiller
Cape Coral, FL
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Mayra Espinosa Realtor...
Pacifica, CA
1,712,876
Not to worry as long as they have title insurance. This is normal for an REO.
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Kathleen Daniels, Prob...
San Jose, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Mayra Espinosa Realtor...
Pacifica, CA
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Jerry Newman
San Antonio, TX
716,874
During the recession, we saw a number of bank addendums noting how title would be conveyed. Special warranty deed only insures title during the time the current owner has been in ownership and will not warrant for title issues from previous owners. One bank addendum I saw was so vague that they basically said at closing title would be conveyed however the bank decided - even as a quit claim. In this case, we heavily suggested our buyer purchase extended coverage to protect them - which they did.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
1,554,377
Candice A. Donofrio nailed this. I was going to offer similar comments, I did many REO & pre-foreclosures in 2007-2011 and that was quite common.
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Lyn Sims
Schaumburg, IL
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Candice A. Donofrio
Fort Mohave, AZ
4,583,784
Hello Marya- - -the ActiveRain membership comes through once again.
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Kathleen Daniels, Prob...
San Jose, CA
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Mayra Espinosa Realtor...
Pacifica, CA
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Abby Stiller
Cape Coral, FL
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
544,014
It's OK but get owner's title insurance.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Mayra Espinosa Realtor...
Pacifica, CA
2,221,950
Fred Griffin has your answer
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Mayra Espinosa Realtor...
Pacifica, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Anthony Acosta - ALLAT...
Atlanta, GA
7,869,880
Do some reading. Make sure your buyers get title insurance.
A special warranty deed is a real estate deed by which the seller only warrants or guarantees the title against defects in clear title that may have arisen during the period of its tenure or ownership of the property.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
1,625,153
Might be title issues, make sure to discuss it with your title people before removing all contingencies.
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Kathleen Daniels, Prob...
San Jose, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
2,684,769
The Seller (the bank or institution who owns the REO) will only defend (warrant) the title since the time that they took ownership.
Strongly suggest, have a Title Attorney do a complete Title Search, and get Title Insurance that covers it all the way back in time.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
3,350,439
Fred Griffin has this covered as do many others. Title insurance offers some protection for your buyers. I say some protection because buying a home at an auction comes with its own inherent risks.
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Anthony Acosta - ALLAT...
Atlanta, GA
5,257,583
Fred Griffin stated it perfectly for you, Mayra!
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Kathleen Daniels, Prob...
San Jose, CA
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Mayra Espinosa Realtor...
Pacifica, CA
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Fred Griffin Florida R...
Tallahassee, FL
1,506,773
Candice A. Donofrio has you covered.
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
913,818
It's Special!
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
87,920
REOs perks.
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
5,583,328
This is another reason all agents would be wise NOT to wear "the attorney" hat.... every client of ours has an attorney and the attorney would respond to that topic.... in our area, it's a quick claim deed that's given....
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
809,258
What Candice A. Donofrio and Mike & Eve Alexander said. -K
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
5,772,593
The ever wise and lovely Candice A. Donofrio has your answer. A
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
430,772
Like Candice A. Donofrio said. I can't say it much better. Just get the title insurance like others suggested.
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
3,071,489
Candice A. Donofrio nailed this one!
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
1,325,249
No point in my repeating what has been correctly answered several times here from others.
As I read through, I gave the appropriate "upvotes".
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Mayra Espinosa Realtor...
Pacifica, CA
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Debe Maxwell, CRS
Charlotte, NC
5,115,873
This is a legal question that should be addressed to an attorney for additional detailed clarification. REO properties are generally transferred with a special warranty deed versus a general warranty deed. They only warranty for the time of ownership and you should be sure title insurance coverage is good.
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Mayra Espinosa Realtor...
Pacifica, CA
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John Juarez
Fremont, CA
4,800,132
Your title agent or attorney can explain it to you.
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Mayra Espinosa Realtor...
Pacifica, CA
3,416,038
I list and sell a lot of REO properties and deal with the SWD all the time. The deed is noting the foreclosure and the seller is warranting teh time the owned the property. The best way for a buy to insure themselves is get owners title insurance.
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Mayra Espinosa Realtor...
Pacifica, CA
1,847,621
REO's are the only ones I know of that receive it. Attorney question.
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Mayra Espinosa Realtor...
Pacifica, CA
4,319,773
San Mateo County Broker Associate Mayra Espinosa - working with the attorney helps a lot.
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Mayra Espinosa Realtor...
Pacifica, CA
3,986,308
Usually it is a deed that has been taken back by a lender or county
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Mayra Espinosa Realtor...
Pacifica, CA
788,440
Hi Mayra. I see you already got great answers.
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Mayra Espinosa Realtor...
Pacifica, CA
4,434,177
5,062,845
Good learning here for those who did not know. Great question!
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Mayra Espinosa Realtor...
Pacifica, CA
291,307
5,879,125
If the owner has never lived in the property, you will get a Special Warranty Deed. Mostly here in Denver it is used by banks and builders.